When it comes to financial planning, there are 3 main phases that collectively outline your financial portfolio.

Phase one: Wealth Accumulation – consists of income, savings and investments. Think of this as the building block for the second and third phase. During phase one, you are working your hardest and making the most money. This is the time to build your savings and begin to plan for your future. During this time you will want to assess where you are financially and consider where you want to be when you retire and work towards that goal. Work hard, save and invest, these are the actions to take during this phase and the younger you start, the better off you will be when you retire.

Phase two: Wealth Preservation – preparing for retirement with what you have. After years of working and accumulating savings and investments, now is the time to plan for your retirement. This is the time where you reevaluate your investments and decide what’s working for you and what could use some work. Set a goal for what you want your retirement to look like and take the necessary steps with your portfolio to make that goal realistic. Are all of your investments serving you or do you need to make some changes? Keep this question in mind when you are in phase two and enact your game plan to reach your retirement goal.

Phase three: Wealth Distribution – putting your accumulation and preservation to use. Retirement is in force and you no longer have a steady paycheck. Now is the time to use your savings and investments to fund your retirement. If you worked hard and saved big in phase one and preserved those assets and planned well in phase two, then phase three should be easy to navigate. Distributing money can be easier said than done so be sure to have a well mapped out plan in phase two for a comfortable retirement and easy living in phase three.

But where does long term care insurance fit into this equation? Phase two! Remember, during this phase you are preserving your assets. Hybrid LTCI is not only a great addition to your assets but also a mode of protection for a large portion of your assets. Sit down with your financial advisor and discover how a hybrid policy can benefit your financial portfolio by protecting a large sum of your assets. Make the most of your investments for retirement by preserving them with a hybrid LTCI policy!